EDB provides funds for 65 MW of solar in Armenia

• The Eurasian Development Bank (EDB) will provide up to USD 37 million (EUR 36.3 m) in financing for the construction of approximately 65 MW solar power capacity throughout 11 facilities in Armenia.

The bank claimed on Thursday that its administration board chairman Nikolai Podguzov and Hayk Harutyunyan, president of the New Energy Group, signed the relevant documents in Yerevan.

The solar energy plants lie in the country's Gegharkunik and also Aragatsotn areas as well as are all expected ahead online this year. Electrical power sale agreements in between the borrower and the Electric Networks of Armenia will certainly function as a resource for repaying the investment.

EDB stated that the Armenian government's energy approach prioritises renewables development to decrease the country's dependence on imported fossil fuels.

"Today, Armenia's energy system is based upon thermal, nuclear as well as hydroelectric power. Natural gas stays the largest resource of total energy supply as well as the major energy carrier in total final intake," noted Podguzov.